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Jenny's Blog

Learn about important financial topics from SEFCU's Manager of Member Education.

Saving for Post-Secondary Education

Posted by Jenny at 7/28/2014 9:08:00 AM

School is just around the corner for most so it seems an
appropriate time to start thinking about how you're going to pay for college
once your kids graduate high school. It's never too soon to start planning
especially since the cost of college tuition is on the rise. Follow the steps
below to get a jump start on saving:

Step 1: Determine the cost of tuition and how much you will
need to save. Visit finaid.org and savingforcollege.com for future estimates at
colleges and universities.

Step 2: Track your expenses for an entire month so you can
decide where you might be able to cut back. Simply log in to SEFCU OnLine and set up FinanceWorks™ powered by Quicken® to help categorize your expenses.

Step 3: Set up a college savings account, like a 529 Plan, Share Certificate, IRA or Coverdell, and make automatic fund transfers
from your payroll or checking account.

Contact the Member Solutions Center at 518-452-8183 or
800-727-3328 for more information about FinanceWorks, electronic fund transfers,
and your savings options.